Oil price falls to $75 from high of $86

By around 1415 BST, the price of Brent Crude oil was 0.30% lower at $72.67 per barrel.

In the previous week ending October 19, WTI and Brent lost 3.7 percent and 1.2 percent, respectively, and WTI and Brent settled at 69.12 US dollars and 79.78 dollars per barrel, respectively, at the end of the week.

News of talks between Saudi Arabia and Kuwait to resume production in Partitioned Neutral Zone, whose output was around 500000 to 600000 BPD before it was closed, ended without any resolution drove crudeoil price to weekly lows. The U.S. has agreed to let eight countries - including Japan, India and South Korea keep buying Iranian oil after sanctions kick in this weekend to prevent a spike in prices, a senior administration official said.

Saudi Arabia and Russian Federation have said they will pump enough crude to meet demand once the sanctions kick in.

That will offset the decline in Iranian exports that could tighten supply.

Oil has been caught in the global financial market slump this month, raising concerns about global oil demand. Outcome of macro data from Key global markets and Sino-US trade talks proceedings will now decide the medium term price action direction.

The Organization of the Petroleum Exporting Countries (OPEC) boosted oil production in October to 33.31 million barrels per day (bpd), a Reuters survey found this week, up 390,000 bpd from September and the highest by OPEC since December 2016.

There's little doubt that much of the oil market's problems this month are tied to the broader sell-off in equities, which has seen investors shed risk assets like crude futures.

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